Liam Denning, Columnist

Exxon and Chevron Battle For America First

Oil’s rally is helping the shale fortunes of both, though one has an edge.

April 27, 2018 at 3:15 PM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

A completed Royal Dutch Shell Plc "Christmas tree" well stands near Mentone, Texas, U.S., on Thursday, March 2, 2017. Exxon Mobil Corp., Royal Dutch Shell and Chevron Corp., are jumping into American shale with gusto, planning to spend a combined $10 billion this year, up from next to nothing only a few years ago.Photographer: Bloomberg/Bloomberg

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America's Big Two oil majors are having very different Friday mornings.

While Exxon Mobil Corp. is being punished for missed earnings forecasts and weak production, rival Chevron Corp. trounced estimates across the board.